WASHINGTON: U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment.
"The coronavirus pandemic impacted all manufacturing sectors for the third straight month," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee."May appears to be a transition month, as many panelists and their suppliers returned to work late in the month. However, demand remains uncertain."
There was also an improvement in the ISM's measure of factory employment, which advanced to a reading of 32.1 in May after plunging to 27.5 in the prior month, which was the lowest since February 1949.
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